clarification on late fees : ezLandlordForms

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Emily &

started a topic over 11 years ago

these 2 exact statements are on our lease: " The rent is due in advanced or on the 1st day of each month. The rent due date is the date the Landlord must receive the tenants payment." "If the rent or any other charges are not received on or before the 3rd day after the rent due date, Tenant must pay a late fee of $30.00 per day the rent is late in addition to the rent." -does this mean that on the 5th day when the rent was paid the late charges are 120.00 or 30.00 - i feel that the rent was 4 days late where as my tenant thinks that i can not charge durring the so called grace period of 3 days

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Dawn A

said over 11 years ago

It sounds like this: - Rent is due on the 1st of the month. - There is a 3 day grace period in which the tenant doesn't need to pay the late fee. - if they don't pay in the grace period, the late fee is $30 per day the rent is late, which means back to the 1st. If the rent is paid on the 5th, they are 4 days late. Keep in mind that in WI, the late fee can be a maximum of 20% of the rent.

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Margaret S

said over 6 years ago

If on a lease, it states after 10 days late fee is $50, can the Landlord start charging a late fee after 3 days.